1. Balance Sheet: Provides a snapshot of your business’s assets, liabilities, and equity at a specific point in time.
2. Income Statement: Shows your business’s revenues and expenses over a period, highlighting profitability.
3. Cash Flow Statement: Tracks the flow of cash in and out of your business, helping you manage liquidity.
4. Statement of Changes in Equity: Details changes in the owner’s equity over a period.
5. Notes to Financial Statements: Provide additional context and details about the figures in the statements.
By understanding these statements, small business owners can make informed decisions and plan for the future.